The East London Estate Agency

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Fees and Charges

Tenants

Part of our brand promise is to be transparent when communicating fees during the term of your tenancy.

Pre tenancy
Administration*/Reference fee £250.00 + VAT per tenant
Check in Inventory Fee £200.00
Guarantor Fee if required No charge

Miscelleaneous cost
Interest on unpaid rent 3% above Bank of England Base Rate

During tenancy
Amendment of tenancy to include a change of tenant £250 + VAT
Extending the tenancy after the initial term expires £150 + VAT

Ending your tenancy
Inventory check out Paid by Landlord

*Referencing tenants (identity, immigration and visa confirmation, financial credit checks, obtaining references from current or previous employers/landlords and any other relevant information to assess affordability) as well as contract negotiation (amending and agreeing terms) and arranging the tenancy and agreement.

Admin Charges to tenants: Administration Fee £250.00 per applicant, £50.00 Surcharge for Housing Benefit Applicants. Pet Deposit / Bond from £100.00 (Per Pet), Inventory £200.00 Administration Fees are NON REFUNDABLE. Please note that photographic identification, proof of residency, contents insurance, a full months rent and six weeks deposit in cleared funds are required before signing of contracts and moving into any of our listed properties. Deposits are held in accordance with current legislation. Working tenants must be earning 30 x monthly rent per annum BEFORE any stoppages. Guarantors must be earning 36 x monthly rent per annum BEFORE any stoppages and must also be a UK Home Owner. Immigration checks and proof of residency or nationality may be required.

Landlords

We like to be transparent when communicating our fees for finding you a tenant and managing the process to move them in. There are a number of different service options available to you as outlined below and our fees are a percentage of the gross rental income for the period of the tenancy agreed.

‘Let Only’ service 10% + VAT
Includes:
Source tenants(s)
Collect and remit initial month’s rent received
Provide tenant with method of payment
Deduct any pre-tenancy invoices
Advise Local Authority on change of occupancy for Council Tax.
Reference the Tenant (3rd party referencing)

‘Rent Collection’ service 12% + VAT
Includes:
Collect and remit initial months’ rent received
Collect rent for the duration of the tenancy
Pursue non-payment of rent and provide advice on rent
Arrears’ actions.
Agree collection of any shortfall and payment method
Provide tenant with methods of payment
Deduct any pre-tenancy invoices
Advise Local Authority on change of occupancy for Council Tax.

‘Full Management’ service 16% + VAT
Includes:
Includes collect and remit initial months’ rent received
Collect rent for the duration of the tenancy
Pursue non-payment of rent and provide advice on rent
Arrears’ actions.
Agree collection of any shortfall and payment method
Provide tenant with methods of payment
Deduct any pre-tenancy invoices
Deduct commissions and other works
Advise Local Authority on change of occupancy for Council Tax.
Arrange routine repairs and instruct approved contractors
Hold keys throughout the tenancy term

Renewal fees for the above services
If the tenancy continues for a greater period than the original term a fee rate of 9% for Let Only, 12% for Rent Collection and 16% for Full Management of the gross rental income for the period of the renewal will apply. The fee is payable in advance within 7 days of the renewal date.

Additional fees for other services may include:

Deposit registration fee  £40 + VAT
Tenancy agreement fee  £95 + VAT
Energy Performance Certificates (valid 10 years)  £95 + VAT
Gas Safety Certificate  £85 + VAT
Submission of non-resident landlord receipts to HMRC  £250 + VAT per annum
Income and Expenditure report (Fully Managed)  £20 + VAT per annum
Inspections  £50 + VAT per visit
Electrical equipment safety regulations: if instructed to arrange a check under these
regulations an administration fee will be charged in addition to the cost of the safety check.
 £50 + VAT

Inventory check-out fees – see below

 Studio  £190 +VAT
 1 Bedroom  £205 +VAT
 2 Bedroom  £215 +VAT
 3 Bedroom  £225 +VAT
 4 Bedroom  £235 +VAT
 5 Bedroom  £245 +VAT

Note: These charges include the initial drafting of the inventory and also the checking out of the inventory at the end of the tenancy

Waiting at premises to meet contractors  £75 + VAT per hour
Withdrawal of agreed offer by Landlord  £500 + VAT
 Fee to Landlords if a dispute is raised with My Deposit  £150 + VAT
 Fee charged if we ever need to attend court as a Witness  £300 + VAT

Sale Fee

Sole Agency
Where PK Sales & Lettings act on your behalf as your sole agent, you will be liable to pay remuneration to us, in addition to any other costs or charges agreed, if at any time unconditional contracts for the sale of the property are exchanged with a purchaser introduced by us during the period of our sole agency or with whom we had negotiations about the property during that period; or with a purchaser introduced by another agent during that period. Sole agency instructions, including Open House which is only available on a sole agency basis, are subject to a minimum contract period of 16 weeks. Either party may terminate such a contract by giving four weeks’ notice in writing. Such notice cannot be served prior to the eighth week of instruction due to this minimum period.

Sole agency: 2.5% + VAT (3% inc VAT)

Multiple agency
Where PK Sales & Lettings is instructed along with other agents, you will be liable to pay remuneration to us, in addition to any other costs or charges agreed, if at any time unconditional contracts for the sale of the property are exchanged with a purchaser introduced by us; or with a purchaser to whose attention we brought the availability of the property. A multiple agency instruction can be terminated at any time by either party by giving four weeks’ notice in writing.

Multiple agency: 3.00% + VAT 16 weeks minimum term) (3.6% inc VAT)

Complaints procedure
Should you have any problems with PK Sales & Lettings’ service which you are unable to resolve with the Negotiator involved or the branch/department Manager, you should write to the Director for the area/department in question. This complaint will be acknowledged within three working days of receipt and an investigation undertaken. A formal written outcome of the investigation will be sent to you within 15 working days. If you remain dissatisfied, you should write to the Director of Customer Services and Compliance (DCSC). The same time limits will apply. Following the DCSC’s investigation, a written statement expressing PK Sales & Lettings’ final view will be sent to you and will include any offer made. This letter will confirm that you are entitled, if dissatisfied, to refer the matter to The Property Redress Scheme (PRS) within six months for a review. For the avoidance of doubt, PRS will only review complaints made by consumers.

Anti-Money Laundering Regulations
PK Sales & Lettings is subject to the Money Laundering Regulations 2007. As a result we will need to ask you for suitable identification and will be unable to proceed with any work on your behalf if we are unable to obtain this from you.

Data protection and privacy policy
PK Sales & Lettings is registered under the Data Protection Act 1998 and we undertake to comply with the Act in all our dealings with your personal data. We will keep your personal information secure. Occasionally, we may contact you by letter, telephone, email or otherwise to inform you about other products and services we offer. We try to limit this contact to acceptable levels, but if you wish to exercise your right to opt out, simply write to: The Manager of New Business, PK Sales & Lettings Limited, Unit 2, Oakwood House, 414 – 422 Hackney Road, London E2 7SY.

Disclosure
It is a requirement of our sale agreement that should an offer be agreed privately, or via another estate agent, the seller must disclose to PK Sales & Lettings the identity of the purchaser prior to exchange of contracts.